External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.</li><li>AUM grew by 25/5% YoY/QoQ (slightly slower than our expectation of 27/6% YoY/QoQ).</li><li>The MSME segment grew by 18/4% YoY with Microenterprise loans up 13/1% YoY/QoQ and SMEs up 25/8% YoY/QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.AUM grew by 25/5% YoY/QoQ (slightly slower than our expectation of 27/6% YoY/QoQ).The MSME segment grew by 18/4% YoY with Microenterprise loans up 13/1% YoY/QoQ and SMEs up 25/8% YoY/QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Financial Services - Healthy Quarter; Pushing the Growth Pedal!

<ul><li>Disbursements grew by 23/6% YoY/QoQ driving AUM growth of 27/7% YoY/QoQ with growth visible across segments.</li><li>The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20/6% YoY/QoQ).</li><li>The share of MSME loans (in standalone AUM) stood at ~81% vs. 87/83% YoY/QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Disbursements grew by 23/6% YoY/QoQ driving AUM growth of 27/7% YoY/QoQ with growth visible across segments.The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20/6% YoY/QoQ).The share of MSME loans (in standalone AUM) stood at ~81% vs. 87/83% YoY/QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Financial Services Ltd. - Healthy Quarter; Pushing for Next Leg of Growth!

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>This Insight focuses on lenders operating in consumer finance, including MSME-focused NBFCs. </li>
<li>Companies in focus include <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN),</a><a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (SBFC IN)</a> &amp; <a href="https://www.smartkarma.com/entities/mas-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:26639:1" rel="noopener">MAS Financial Services Ltd (MASFIN IN)</a>. </li>
<li>We also cover high yield lender <a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a>.  </li>
</ul>


This Insight focuses on lenders operating in consumer finance, including MSME-focused NBFCs. 
Companies in focus include Bajaj Finance Ltd (BAF IN), Poonawalla Fincorp (POONAWAL IN),SBFC Finance Limited (SBFC IN) &amp; MAS Financial Services Ltd (MASFIN IN). 
We also cover high yield lender Five Star Business Finance (FIVESTAR IN).  


Narrative and Numbers | Consumer & MSME Finance | FY24

<ul><li>Banks (incl. SFBs) under our coverage continued to report healthy credit growth at ~15% YoY (ex-HDFCB), marginally lower than our expectation of ~16% YoY (ex-HDFCB).</li><li>This growth was largely led by the retail/SME segment, with a moderation in unsecured segment growth for certain banks.</li><li>The trends in corporate portfolio were divergent, with certain banks pointing out intense competition and unfavorable pricing resulting in them not pursuing growth in the segment, while certain banks witnessed strong demand-led growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks (incl. SFBs) under our coverage continued to report healthy credit growth at ~15% YoY (ex-HDFCB), marginally lower than our expectation of ~16% YoY (ex-HDFCB).This growth was largely led by the retail/SME segment, with a moderation in unsecured segment growth for certain banks.The trends in corporate portfolio were divergent, with certain banks pointing out intense competition and unfavorable pricing resulting in them not pursuing growth in the segment, while certain banks witnessed strong demand-led growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Sector Ideas: Banking, Financial Services and Insurance (BFSI) Q1FY25

India

MAS Financial Services Limited provides retail financial services. The Company offers loans and other financial services for homes, two wheeler vehicles, industrial machinery, properties, agricultural use, commercial vehicles, and insurance products. MAS Financial Services offers its services to small and medium enterprises in India.

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MAS Financial Services Ltd (MASFIN IN)

MAS Financial Services - Healthy Quarter; Pushing the Growth Pedal!

MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.

Axis Direct

MAS Financial Services Ltd. - Healthy Quarter; Pushing for Next Leg of Growth!

The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20...

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

Narrative and Numbers | Consumer & MSME Finance | FY24

Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...

Pranav Bhavsar

Top Sector Ideas: Banking, Financial Services and Insurance (BFSI) Q1FY25

Banks (incl. SFBs) under our coverage continued to report healthy credit growth at ~15% YoY (ex-HDFCB), marginally lower than our expectation of...

Axis Direct

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MAS Financial Services - Healthy Quarter; Pushing the Growth Pedal!

MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.

Axis Direct

MAS Financial Services Ltd. - Healthy Quarter; Pushing for Next Leg of Growth!

The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20...

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

Narrative and Numbers | Consumer & MSME Finance | FY24

​Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...

Pranav Bhavsar

Top Sector Ideas: Banking, Financial Services and Insurance (BFSI) Q1FY25

Banks (incl. SFBs) under our coverage continued to report healthy credit growth at ~15% YoY (ex-HDFCB), marginally lower than our expectation of...

Axis Direct

Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...